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Financial Algebra Advanced Algebra with Financial Applications 2nd Edition Gerver Test Bank
Complete Test Bank Financial Algebra Advanced Algebra with Financial Applications 2nd Edition Gerver Questions & Answers with rationales
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Chapter 01 - Discretionary Expenses Page 1 Financial Algebra Advanced Algebra with Financial Applications 2nd Edition Gerver Test Bank 1. Your income before all taxes are deducted is your disposable income. a. True b. False ANSWER: False RATIONALE: Your income before all taxes are deducted is your gross income. POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/23/2017 11:46 PM DATE MODIFIED: 2/8/2017 5:54 AM 2. A discretionary expense is one that can’t be eliminated from your day -to-day life. a. True b. False ANSWER: False RATIONALE: An essential expense is one that can’t be eliminated from your day -to-day life. POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/23/2017 11:50 PM DATE MODIFIED: 2/7/2017 5:46 AM 3. When considering measures of central tendency, the presence of outliers would indicate that the mean may not be a good representation. a. True b. False ANSWER: True POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/24/2017 12:13 AM DATE MODIFIED: 2/7/2017 5:46 AM 4. When a correlation coefficient is near 1, there is little or no correlation between corresponding variables. a. True b. False ANSWER: False RATIONALE: A correlation coefficient near 1 is a strong correlation; a value near 0 indicates little or no correlation. POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/24/2017 12:14 AM Chapter 01 - Discretionary Expenses Page 2 Financial Algebra Advanced Algebra with Financial Applications 2nd Edition Gerver Test Bank DATE MODIFIED: 2/7/2017 5:46 AM 5. If a collection of data does not have any values that occur more than once, it is considered bimodal. a. True b. False ANSWER: False RATIONALE: A collection of data is considered bimodal if there are multiple values that have more occurrences than any of the other values. POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/24/2017 12:18 AM DATE MODIFIED: 2/7/2017 5:46 AM 6. The equation of the linear regression line of the scatterplot defined by these points: (1, 45), (2, 35), (3, 20), (4, 5) is y = –13.5x + 60. a. True b. False ANSWER: True POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/24/2017 12:20 AM DATE MODIFIED: 2/7/2017 5:47 AM 7. A scatterplot is graphed with the time it takes a child to get dressed in the morning on the horizontal axis, and the child’s age in years on the vertical axis. The graph shows a negative correlation because the time decreases as the age of the child incre ases. a. True b. False ANSWER: True POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/24/2017 12:51 AM DATE MODIFIED: 2/11/2017 4:08 AM 8. Rebecca will be entering college next fall and is trying to decide how much to spend on a laptop. After researching models online, she has found several that would meet her needs. Their costs are: $979; $1,349; $1,279; $1,349; $1,899; $2,049; $875; and $1,099. She determined the median to be $1,359. a. True b. False ANSWER: False RATIONALE: The median is the average of the two prices in the middle when placed in ascending order. Chapter 01 - Discretionary Expenses Page 3 Financial Algebra Advanced Algebra with Financial Applications 2nd Edition Gerver Test Bank (1,279 + 1,349)/2 = $1,314. POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/24/2017 12:54 AM DATE MODIFIED: 2/22/2017 3:15 PM 9. A frequency distribution is a table that displays each possible value and the number of times that value occurs. a. True b. False ANSWER: True POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/24/2017 12:55 AM DATE MODIFIED: 2/7/2017 5:50 AM 10. Sigma notation for determining median of 15 values is . a. True b. False ANSWER: False RATIONALE: Sigma notation for determining the mean of 15 values is . POINTS: 1 QUESTION TYPE: True / False HAS VARIABLES: False DATE CREATED: 1/24/2017 12:57 AM DATE MODIFIED: 2/7/2017 5:54 AM 11. Marsha was shopping for a new dishwasher and researched the different models she could afford. Using Marsha’s frequency distribution table, determine the median price for dishwashers. Price,p($) Frequency,f 250 2 275 4 280 1 290 2 310 6 315 2 320 1 Chapter 01 - Discretionary Expenses Page 4 Financial Algebra Advanced Algebra with Financial Applications 2nd Edition Gerver Test Bank 325 7 330 1 335 1 340 1 350 2 a. $317.50 b. $325.00 c. $312.50 d. $308.33 ANSWER: c RATIONALE: The 15th and 16th values are 310 and 315, and their average is $312.50. POINTS: 1 QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 1/24/2017 1:08 AM DATE MODIFIED: 2/11/2017 4:11 AM 12. Examine the frequency table below for prices to replace a dishwasher. What is the percentile rank of dishwashers that cost $325? Price,p($) Frequency,f 250 2 275 4 280 1 290 2 310 6 315 2 320 1 325 7 330 1 335 1 340 1 350 2 a. 83% b. 23% c. 60% d. 17% ANSWER: a RATIONALE: The percentage of dishwashers at or below $325 is 25 out of 30 or (25/30)*100 POINTS: 1 QUESTION TYPE: Multiple Choice HAS VARIABLES: False DATE CREATED: 1/24/2017 2:01 AM DATE MODIFIED: 2/11/2017 4:12 AM 13. McKenzie found the correlation coefficient on a set of data to be –0.20. Which term best describes the correlation? a. Strong positive b. Strong negative c. Weak positive d. Weak negative
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